Do you want to make a profitable investment by purchasing a property to become a Turkish citizen? This first of all requires you to open your own bank account in Turkey.Turkey is becoming one of the leading economies in Europe and the world. As a result, many people from different countries of the world prefer Turkey to invest or establish business in recent years. You can also apply for Turkish citizenship through the New Investor Program in Turkey, and what remains for you is to know the laws, procedures and required documents, ranging from opening a bank account to obtaining citizenship.
Key criteria before opening a bank account in Turkey
Before you open your account to invest in Turkey, if your goal of investment is to obtain citizenship, you must know a set of criteria or conditions that enable you to obtain citizenship, and which are:
- To invest $ 250,000 in real estate
- Establishing / buying a company with a capital of $ 500,000
- Depositing $ 500,000 in government investment instruments or government banks operating in Turkey, provided that this amount is not withdrawn for a period of three years.
- To employ 50 Turkish employees
Ways to benefit from the advantages of investing
- It is not necessary to live in Turkey to participate in the program
- You can return your investment after three years with the statutory interest rate.
- You can sell your immovable after 3 years.
- Your Turkish citizenship continues throughout your life.
- Moreover, it is not required to renounce the citizenship of your current country of residence.
The concept of Turkish citizenship is possible through your real estate investment with the new legal regulation. Today, it is possible to obtain Turkish citizenship through a real estate investment of 250,000 USD or a business investment of 500,000 USD at least.
How to open a bank account
Thanks to its geopolitical position, thriving economy, and important history, Turkey has become a point where many foreigners seek to come and invest. In recent years, the Turkish Republic has eased the procedures for opening a foreign bank account with some regulations in order to increase investment and make it more suitable for foreigners. These regulations will enable the foreigner who came to Turkey to work to send money easily to his family abroad, and will enable the daily life of a foreigner to be made easier through the ability to benefit from banking operations and will enable this to achieve the investment and financial activities of companies for foreigners faster and many other benefits. However, the procedures for opening a bank account for foreigners differ from one bank to another. While it does not take long in some banks, it may be the other way around for other banks.
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Some of the major Turkish banks are İş Bankası, Yapı Kredi Bankası, TEB, QNB Finansbank, Halkbank, Vakıfbank, ING Bank, Akbank, Ziraat Bankası and Garanti Bankası. There are two types of opening a bank account for foreign citizens in Turkey: The first is the procedure for opening a personal bank account The second is for accounts in the name of the company.
Procedures for opening a bank account in Turkey
First of all, the person wishing to open a bank account has to specify the correspondence address. Foreign citizens must possess a tax number in order to be able to open a bank account in Turkey. A foreign citizen can obtain a potential tax number by visiting the state tax office with the employer within a time that depends on the intensity of the office. Through the tax number received from the tax office, the foreigner will be able to open a bank account and carry out banking operations. Some banks may require a mobile phone number for their customers. Therefore, the foreign citizen needs to buy a phone number from a Turkish operator company. The legal procedures and principles in order for a foreign company to be able to open a corporate bank account in Turkey are listed below: Unlike personal bank accounts, corporate accounts can only be opened by a director who has signature authority. A tax number must be obtained from the tax office of the company, and it is not necessary for the company to be open in Turkey or to have financial activities in Turkey. It is enough to have a correspondence address. In order to open an account, the relevant company manager also has to present the bank with the tax number and all company documents translated and approved by the notary or consulate. These company documents are the main company agreement, chamber of commerce records, commercial register, incorporation documents, activity and licenses if any.
The documents required in order to open a personal bank account
Before going to the bank, in order to open your own bank account, you must prepare a set of papers and documents in your possession: a valid passport that is not more than 10 years old or a valid residence permit (if both are not available, an official document approved by the Ministry will be accepted. Turkish Finance to verify the national identity document (foreigner identification number or tax identification number) Proof (a copy of the electricity, water, natural gas or phone bill addressing your name and for the past three months) of your valid residence address in Turkey or the address printed on your passport.